Morning Report 21 Aug 24: ASX to slip as Wall Street rally runs out of steam

The S&P 500 and NASDAQ ended lower, breaking an eight-day winning streak. Lowe's shares declined due to weak consumer spending on DIY projects. In contrast, Eli Lilly's shares rose as its weight-loss drug showed promise in reducing the risk of developing type 2 diabetes. Meanwhile, gold reached record highs, and the Australian dollar strengthened as the U.S. dollar hit its lowest level since January.

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